Woodbrook

Cyprus-based financial services company Woodbrook Group is to establish a new Irish insurance arm, the company's chief executive has said.

Woodbrook, headed up by Waterford man Michael Doherty, is in late-stage negotiations with two Irish brokerages. Deals for the two businesses make up part of the group's planned €100m spend in Ireland, he claimed.

Doherty has ambitious plans for the business and said the group will look to employ up to 1,500 people here within the next four years.

"We're very interested in the Irish market. What we're looking to do is buy small brokerages there, ones that are regulated by the Irish financial regulator, and then re-brand them," he said.